Condos Rule Over Co-Ops at High End

Though apartment sales have picked up in Manhattan's luxury housing market, the gains aren't hitting all property types equally. It turns out that demand is stronger for high-end condominiums than for cooperatives.

According to data from New York real-estate appraisal firm Miller Samuel Inc., it takes longer to sell a high-end co-op than a condo. In May, for example, Miller Samuel found that the absorption rate—the number of months it takes to sell available inventory—was 16.2 months for co-ops priced between $3 million and...